Question

Use the graph for all 3 question

1) Henry, a 41-year-old male, bought a $100,000, 10-year life insurance policy through his employer. Henry is paid biweekly. what is his annual life insurance premium?
A)$455
B)$578
C)$1033
D)$1368

2) Karen, a 52-year-old female, bought a $75,000, 20-year life insurance policy though her employer. Karen is paid weekly. How much is deducted from her paycheck for life insurance?
A)$10.86
B)$25.33
C)$35.12
D)$50.65

3) Nikos, a 39-year-old male, bought a $300,000, 20-year life insurance policy.
What is the total amount he will pay for 20 year of coverage?
A)$13,650
B)$27,300
C)$30,990
D)$61,980

Answer 1

Just took this quiz so here are the right answers:
1.) Henry- $578
2.) Karen- $25.33
3.) Nikos- $61,980
Hope it helps!(:

Answer 2

1: B) $578

2: B) $25.33

3: D) $61,980

Explanation:

1) Henry's premium = ($100,000 / $1,000) x $5.78 = $578

2) Karen's total premium = ($75,000 / $1,000) x $17.56 = $1,317

if she is paid weekly, then the premium must be divided by 52 weeks = $1,317 / 52 weeks = $25.33 deducted per week

3) Nikos's premium per year = ($300,000 / $1,000) x $10.33 = $3,099

times 20 years = $3,099 x 20 = $61,980